Quinn signs vets’ tax credit increase into law
CHICAGO (AP) – Legislation that gives Illinois employers more incentive in hiring veterans by doubling the state’s income tax credit was signed into law Monday.
Gov. Pat Quinn signed the bill that increases the tax credit from 10 percent to 20 percent of annual wages. It also increases the annual cap from $1,200 to $5,000. The law went into effect immediately.
Employers for veterans who served after Sept. 11, 2001, and who work at least 185 days a year are eligible. Quinn did not have exact estimates on the cost to the state, but said it would be a “couple million dollars,” which he called a worthwhile investment.
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